BENSALEM, Pa., April 28, 2013 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") comprising all purchasers of the common stock of Impax Laboratories, Inc. ("Impax" or the "Company") (Nasdaq:IPXL) between June 6, 2011 and March 4, 2013, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit and have until May 6, 2013 to file a motion with the Court to be appointed as lead plaintiff.
The Complaint alleges that during the Class Period the Company and certain of its officers and directors violated federal securities laws by making false and misleading statements in connection with manufacturing deficiencies at the Company's Hayward, California, facility, including the impact these deficiencies would have on the Company's ability to gain FDA approval for its drug RytaryTM.
On March 4, 2013 the Company announced that the FDA had completed an inspection of the Hayward facility. According to the Company, the FDA found twelve problems at the Hayward facility that the Company needed to correct and, due to continuing manufacturing deficiencies, Impax did not expect to be able to launch its RytaryTM drug until 2014. On this news, shares of Impax declined $5.20 per share, or 26%, to close at $14.80 per share on March 5, 2013, on unusually heavy volume.
If you are a member of the Class described above, you have certain rights, and have until May 6, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, or may retain counsel of your choice. If you wish to discuss this action or learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.